Subhasana Greenfields Private Limited, Hyderabad V. Asst.CIT,Circle 3(2), Hyderabad

ITA 382/HYD/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6430 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 3 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-06-2016
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 15-06-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 05-03-2014
• Court: TRIBUNAL
• Department Lawyers: M SITARAM
• Assessee Lawyers: T CHAITANYA KUMAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A (SMC), HYDERABAD BEFORE SHRI J. SUDHAKARA REDDY, ACCOUNTANT MEMBER I.T.A. NO. 382/HYD/2014 ASSESSMENT YEAR: 2004-05 SUBHASANA GREENFIELDS PVT. LTD., HYDERABAD [PAN: AADCS4202L] VS ASST. COMMISSIONER OF INCOME TAX, CIRCLE-3(2), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI T. CHAITANYA KUMAR, AR FOR REVENUE : SHRI M. SITARAM, DR DATE OF HEARING : 15-06-2016 DATE OF PRONOUNCEMENT : 17-06-2016 O R D E R THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AG AINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-IV , HYDERABAD, DATED 13-12-2013 FOR THE AY. 2004-05 ON T HE FOLLOWING GROUNDS: CONCISE GROUNDS FILED BY THE APPELLANT: 1. THE HONBLE APPELLATE AUTHORITY OUGHT TO HAVE SEEN THAT THE LEARNED COMMISSIONER APPEALS HAD FAILED TO APPRECIATE THAT THE PURCHASE AND SALE OF SHARES IN SANDUR POWER COMPANY LTD., WERE REFLECTED IN THE BANK ACCOUNTS OF THE APPELLANT AND THE TRANSFER OF SHARES I N THE NAME OF THE DIRECTORS COULD NOT BE EFFECTED DUE TO A DEFECT IN THE SHARE TRANSFER FORM. I.T.A. NO. 382/HYD/2014 SUBHASANA GREENFIELDS PVT LTD., :- 2 -: 2. THE HONBLE APPELLATE AUTHORITY OUGHT TO HAVE SEEN THA T THE LEARNED COMMISSIONER APPEALS FAILED TO APPRECIATE THAT THE SALE OF SHARES TO KEA LAWN TECHNOLOGIES PVT LTD. , WAS REFLECTED IN THE BANK ACCOUNT OF THE APPELLANT AND THERE WAS NO INCOME DERIVED OUT OF THE SAID SALE. 3. THE HONBLE APPELLATE AUTHORITY OUGHT TO HAVE SEEN THAT THE LEARNED COMMISSIONER APPEALS HAD FAILED TO APPRECIATE THAT THE LOANS FROM THE DIRECTOR WAS PAID BAC K AND HENCE THE QUESTION OF THE WAIVER OF THE LOAN DOES N OT ARISE AND IT WAS FACTUALLY INCORRECT. 2. AFTER HEARING THE RIVAL CONTENTIONS, I FIND THE CONTE NTION OF THE ASSESSES THAT, IF FACTUALLY, THE LOANS TAKEN BY THE AS SESSEE- COMPANY FROM ITS DIRECTORS WERE REPAID, THE QUESTION O F THE WAIVER OF THESE LOANS DOES NOT ARISE. IN SUCH CIRCUMSTANCES, NO ADDITION CAN BE MADE ON THE GROUND THAT THERE WAS WAIVER OF LOA N. 3. BE THAT AS IT MAY, I SET ASIDE THE ISSUE TO THE AO, FOR FACTUAL VERIFICATION AS TO WHETHER THE LOANS RECEIVED FROM THE DIRECTORS WAS IN FACT REPAID. 4. IN THE RESULT, THIS APPEAL OF THE ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH JUNE, 2016 SD/- (J. SUDHAKARA REDDY) ACCOUNTANT ME MBER HYDERABAD, DATED 17 TH JUNE, 2016 TNMM I.T.A. NO. 382/HYD/2014 SUBHASANA GREENFIELDS PVT LTD., :- 3 -: COPY TO : 1. SUBHASANA GREENFIELDS PVT. LTD., HYDERABAD. C/O. S HRI T. CHAITANYA KUMAR, ADVOCATE, FLAT NO. 102, GOWRI APTS, URDU LANE, HIMAYATHNAGAR, HYDERABAD. 2. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-3(2), HYDERABAD. 3. CIT(APPEALS)-IV, HYDERABAD. 4. CIT-III, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.